Starting a Small Business

6 Smart Choices Every Startup Should Make to Ensure Success

6 Smart Choices Every Startup Should Make to Ensure Success

Launching a new company is an exciting venture, but it has to be done right. You’ve got to think smart and make smart choices.

Here’s six ways to ensure that your startup is a success.

1) Establish Your Brand Message

When you launch a new company, you’re the new kid on the block. Folks have got to know who you are. By focusing on your brand and its message, consumers will learn who you are and what you stand for. Building brand awareness is one of the smartest things you can do for a startup. There’s no one fix to become a household name. From the get go, create an identifiable brand by streamlining your logo, colors and fonts for consistency. Your audience wants to know the people behind the brand. Create a website with an about page that tells the story of the making of your new company. Be sure to emphasize your brand’s core values in your story.

2) Do a Background Check on All New Hires

Even though you’re at the helm of your startup, you want to ensure that your employees have all the right stuff to ensure a smooth sail. With a background check, you’ll get the new hires’ history. It’s a good predictor of future performance. Plus, you’ll be able to weed out those with criminal violations and acts of employee dishonesty. A background check will help you hire right the first time and avoid negative publicity. Nothing can hurt your startup more than a scandal.

3) Separate the Chaff from the Wheat: Fire Fast

Hiring a problem employee is bad, but not firing one fast is worse. It can ruin your company from the inside out and quickly. Problem employees ruin the moral of your other employees, do second-rate work, don’t provide good customer service and reduce productivity. The bottom line is that it’s up to you to protect your company’s culture and profitability. If you’re gut tells you the person is not a good fit for the company, act immediately and fire fast.

4) Choose the Right Business Entity from the Onset

When launching a new business, it’s critical to select the right legal structure from the onset. This decision will impact your personal liability, amount of taxes, ability to raise money and amount of paperwork. Whether you’re considering a sole proprietorship, partnership, corporation or LLC, seek sound counsel from business experts before making your decision.

5) Say No to the Wrong Clients

You can’t do everything for everybody, and you surely want to be compensated fairly for what you do. Just say no to cheap clients who request discounts. Cheap clients take away from the bottom line and set a poor precedent. Say no to clients who request more than what they’re paying for. It will just take away time that is better spent on more strategic tasks.

6) Hire the right Accountant

The core of a startup’s accounting system is the chart of accounts. It’s an accounting system that tracks and reports your income and expenses. An accountant can specifically design one for your company. Accountants consider assets, liabilities, equity, revenue and expenses when developing your chart of accounts. An accountant is a must-have in order for you to make solid financial decisions for your startup, so make sure you have one.

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Karen C. Drescher, CPA, CGMA

Karen C. Drescher, CPA, CGMA

Whether it is helping a individual or a Georgia small business with their taxes, or offering to be a backstop through their difficulties, Karen is always there for her clients. When you are a client of Karen's, she always tries to make you feel comfortable in a casual and friendly environment.

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